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Pay
as you go withholding chapter tables |
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Pay
as you go withholding Detailed tables and descriptions |
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Taxation
statistics - whole document |
This chapter provides a general
description of pay as you go withholding (PAYG(W)) and instalment tax
liabilities that are reported to the ATO by entities withholding amounts
(income tax) from certain payments to other entities, or for payments towards
their own income tax liabilities.
PAYG(W) applies generally to payments
made, or non-cash benefits provided, on or after 1 July 2000. Payments and
transactions subject to withholding are referred to as 'withholding payments'.
These payments include: salaries, wages, allowances, bonuses or commissions
paid to an employee, payments to company directors, return to work payments,
pension or annuity payments, Centrelink or similar payments, the provision of
certain non-cash benefits, mining payments, natural resource payments and many
others.
Pay as you go instalments (PAYG(I)) are
instalments during the income year which go towards a tax payer's expected tax
liability. At the end of each income year when a taxpayer's tax return has been
lodged and tax payable assessed, PAYG(I) for the year are credited against the
taxpayer's assessment to determine whether the taxpayer owes additional tax or
is entitled to a refund. Most taxpayers pay their instalments on a quarterly
basis.
OVERVIEW
In 2010-11:
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